Black Book Announces 2015 Healthcare Financial Solutions Top Honors

Hospital viability is now vulnerably reliant on the success of a single organizational venture: financial system transformation. As the healthcare delivery industry deals with ICD-10, EHR issues, physician alignment, population health, interoperability, value-based reimbursement reforms, and decision support, CFOs embark on the major restructuring of hospital technology priorities for survival.

Oct 02, 2015, 01:00 ET from Black Book Market Research

TAMPA, Fla., Oct. 2, 2015 /PRNewswire/ -- Black Book™ surveyed 1,191 hospital Chief Financial Officers, Vice Presidents of Finance, Controllers and Directors, to determine the top performing vendors among in-demand financial software, systems and outsourcing services, and assess the gaps and urgencies of hospital financial administration. The highest ranked vendors in customer satisfaction and client experience are announced in twenty-four financial solution functionalities and systems.

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Additionally, 2,250 respective hospital CFOs, CIOs, business office managers, tech and financial staffers contributed their perceptions on Financial Systems Software and Services Solutions to Black Book™ between April and September 2015. Additionally the business managers of 607 outpatient, alternative care, and physician practices owned by hospital systems also submitted ballots and evaluated separately. 528 hospital and inpatient organizations were represented in the survey in total.

"Most hospital CFOs have no choice but to leverage next generation financial system solutions including software and outsourced services in order to keep their organizations solvent. The reimbursement challenges ahead to get paid may require several new applications. The frank reality is that outdated, understaffed and failing current solutions could quickly close a marginally performing hospital for good," said Doug Brown, Managing Partner of Black Book Market Research.

88% of chief financial officers with negative 2014 operating margins report slow or no progress towards orchestrating a technology infrastructure to support value-based models.

"Given the complexities of each individual hospital, implementing the right software and outsourcing solutions in delicate sequence is crucial as to not create an even more adverse situation through the transition," said Brown. "Trends in Medicare reimbursement, declining inpatient volumes, rising expenses and bad debt have most hospitals across the country struggling to avoid a financial stability crisis."

70% of struggling hospitals are putting population health, analytics, physician practice acquisitions and recruitment, and patient engagement on the back burner, an improvement from 84% in 2014.

In contrast, 89% of CFOs hospitals performing at margins supporting long term viability (over 3%) report successful revenue cycle management transformations initiated, with 2016 capital expenditures planned for upgraded tools such as dashboards, analytics and business intelligence, population health, physician portals, patient engagement solutions and continued acquisitions.

Black Book™ also announced the top performing financial software and outsourced services vendors as ranked by customer satisfaction on eighteen client experience based key performance indicators in thirty-four categories of financial services and technology solutions.  

"With so many organizations facing operating margins below the minimal thresholds for long-term financial stability and sustainability, boards and CEO's are moving financial support solutions and outsourcing initiatives to the top of their 2016 capital expenditure priorities," said Brown.

Black Book's 2015 financial solutions survey results can be viewed at http://www.blackbookmarketresearch.com/finance-revenue-cycle-management/

Ranking highest in financial services client experience are:

Accountable Care Organization Financial Software & Services – Conifer Health

Accounting & Audit Outsourcing Firms –McGladrey

Benchmarking and Performance Measurement - Truven Health Analytics

Business Decision Support Software - Allscripts EPSI

Business Intelligence Dashboards – Tableau

Capital And Equipment Planning Software – Infor

CFO & Board Strategic Financial Advisory Consultants - Beacon Consultants

Charge Capture & Charge Master Tools – MedAssets

Claims Management/Clearinghouse – Availity

Collections Outsourcing & Accounts Receivables Debt - Transunion Healthcare

Computer Assisted Coding & Medical Records Solutions- Nuance

Cost Accounting - Strata Decision

Denial Management/Third Party Recovery – Adreima

Early Out/Self Pay Solutions - Avadyne Health

Enterprise Master Patient Index Tools – Allscripts

Enterprise Scheduling Software – Avantas

Enterprise Resource Planning Software – Infor

Financial Documentation & Content Management Solutions - Streamline Health

Insurance & Payer Eligibility Verification Solutions - Recondo Technology

Managed Care Payment/Reimbursement Solutions - Wellcentive

Medical Transcription Services Outsourcing  -M*Modal

Operational Budgeting & Forecasting Software - Healthcare Insights

Outsourced Financial Analytics - TriZetto Provider Solutions

Patient Accounting – Siemens

Patient Portals – athenahealth

Physician Data Portals -  InteHealth

Predictive Provider Analytics - Jvion

Supply Chain & Asset Inventory Management Software – AssetWorks

Time & Attendance Software – ADP

Top ranked RCM outsourcing and technology solution vendors were announced also this week:

Revenue Cycle Management Outsourcing, Hospital Managed Systems Corporations/Systems/Networks and Chains - Optum360

Revenue Cycle Management Outsourcing, Standalone Hospital Managed Service Under 150 Beds – Emdeon

Revenue Cycle Management Outsourcing, Hospital Managed Services Over 150 Beds - Conifer Health

Revenue Cycle Management Software/SaaS/RCM Technology (Hospitals & Chains Over 200 Beds) - Optum360

Revenue Cycle Management Software/SaaS/RCM Technology (Under 200 Beds) – Zirmed

About Black Book™

Black Book Rankings, a division of Black Book Market Research LLC, provides healthcare IT users, media, investors, analysts, quality minded vendors, and prospective software system buyers, pharmaceutical manufacturers, and other interested sectors of the financial and clinical technology industries with comprehensive comparison data of the industry's top respected and competitively performing technology, services and outsourcing vendors.

The largest user opinion poll of its kind in healthcare IT, Black Book™ collects over 400,000 viewpoints on information technology and outsourced services vendor performance annually. For methodology, auditing, resources, comprehensive research and ranking data see http://www.blackbookrankings.com.

SOURCE Black Book Market Research



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